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Argentina’s Largest Private Bank Launches Crypto Services

Argentina’s Largest Private Bank Launches Crypto Services

The country’s largest private bank, the Banco Galicia, has launched a crypto trading feature, which will allow clients and customers of the bank to buy BTC, ETH, USDC, and XRP.

Trade Cryptos With Banco Galicia 

Customers of the Banco Galicia can now buy and sell crypto on the bank’s platform, thanks to its new crypto trading feature. The bank announced the new feature via Twitter, where it posted, 

"Banco Galicia launches a new and innovative service for its customers, offering the purchase, sale, and custody of cryptocurrencies in a simple, secure, and one-stop place.”

As of now, only four cryptocurrencies have been included in this feature - Bitcoin, Ether, USD Coin, and Ripple XRP. However, the bank has clarified that it will expand its list of crypto offerings to include more coins down the road. In addition, the bank also announced on Twitter that it would be adding new investment options.

Lirium x Banco Galicia

Banco Galicia has partnered with Lirium, a Liechtenstein-based crypto service provider for digital wallets and mobile banking apps, to provide the crypto trading service. Lirium worked in tandem with Hong Kong-based digital asset trading platform OSL to set up the crypto trading and custody service on Banco Galicia’s platform. Lirium’s COO Martin Kopacz has clarified that the feature does not allow users to withdraw or send crypto. Instead, users can only buy or sell crypto. Kopacz has also said that the bank plans to make the service available to all customers by mid-May.  

The crypto service provider is reportedly also helping four other Argentinian financial institutions set up and launch crypto trading services. Furthermore, its services are seemingly extending into similar integrations in Brazil and Mexico as well. 

Crypto In Argentina

Argentina has long suffered one of the highest inflation rates in the world. Currently, it is at 50%. Therefore it makes sense that many Argentinian investors and citizens have been turning to cryptocurrencies like BTC and ETH to hedge against inflation in recent years. On top of that, Latin America seems to be going through a crypto revolution, with multiple countries like Cuba, Brazil, and Panama following El Salvador's footsteps and opening up to cryptocurrencies in varying degrees. The President of Argentina, Alberto Fernández himself, had spoken about the possibilities of using cryptocurrencies as a hedge against inflation back in 2021. Argentina’s Unidad de Información Financiera (UIF) is also considering bringing crypto transactions under the regulatory oversight of anti-money laundering authorities to establish a crypto operational framework in the country. The sponsorship of the national football team by crypto exchange Bybit is also proof that Argentina is in the sights of the digital assets and blockchain industry. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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